Posted on 03/01/2011 7:56:57 PM PST by Frantzie
Ten days ago, when we first looked at the Libyan investment authority (its sovereign wealth fund), we asked "Which US Banks Are Managing Billions For The $32 Billion Libyan Sovereign Wealth Fund?" Based on Wikileaks data, it was disclosed that various US banks manage billions for the country which has just seen $30 billion of its assets largely frozen (although this is merely half of its total deposits). Obviously, we had "some" banks in mind, most of the variety whose directors believe they are above the law and can share inside information with criminal intent with utter disdain for the law. Now, courtesy of Marcus Baram of the Huffington Post we find that the usual suspects are, naturally, all here: among the key banks that serve as advisors and asset managers are Goldman Sachs (and not just anyone, but Jim "Revolutions are Bullish" O'Neill's GSAM, Citi and JP Morgan. The only question now is how long before we get some sort of public statement out of the likes of Lloyd Blankfein and Jamie Dimon: on the 22nd we said: "perhaps it is time for the US banks who manage billions in capital for the LIA, to step up." Now that they have been exposed by a third party, the CEOs should really take the hint before this escalates into a full blown PR disaster.
(Excerpt) Read more at zerohedge.com ...
I guess they also wanted to bail out one of their biggest shareholder who has major investments and deals with all the US networks - Prince All Waleed aka the front man for Saudi Arabia.
Odd how shareholders at more solvent Lehman, Bear Stearns, Wachovia, Wa Mu lost everything but Citicorp got a full bailout.
bump.
obamabuddies
Drip, drip, drip.....the TBTF banks stink to the lowest depths of sulfurous hell!!!
Just so people know - a lot of smaller regional and local banks are NOT like this. These huge scum banks end up hurting far more ethical smaller banks with their mega bank crony gangsterism with politicians.
I am not anti-business at all but a lot of big companies are scum. Not all but a lot.
C’mon now, we know that the *real* problem is just deadbeats who want to get a free house!
/certain Freepers who need to acquaint themselves better with the facts
Just think. The US taxpayer saved Libya billions by insuring that their banks didn’t go bust..while reaping the rewards of bad investments.
Plus today we learn that a Director of GS...Gupta was passing out inside information to hedge funds. Something he may have also done while he was CEO of McKensie.
Now..to make matters even better..the Banks are celebrating the freezing of Libya’s assets. They were frozen..no ceased..which means the banks have their money to invest and don’t have to pay interest. That is like mainlining new capital into their balance sheet.
I agree fully.
Our bank in late 2009, after having gotten absorbed by what used to be IndyMac (bletch, barf), we switched to a local credit union.
Best move ever! Getting away from a George Soros bank, priceless!!
Goldman Sachs $994,795
Citigroup Inc $701,290
JP Morgan Chase & Co $695,132
Gee....why would ohdumba drag his feet?
The taxpayers got all the TARP money back from Citi. Plus a $12 billion profit.
Yeah right. We got back a half trillion on the most bankrupt company in possibly the history of the world. You are either kidding or are delusional.
Half a trillion? You have a source?
Oh Indy Mac’s story is one of the most sickening. Schumer causes a run (on purpose). IM goes belly up. Indy Mac is bought by Soros, John Paulson, Michael Dell and an ex goldman guy. They get the most sickening bailout on all their loans plus tax loss carry forwards and every other thing you can think off.
The whole July 2008 thing was to destroy companies, take em over, get Obama elected, make tens of billions shorting, get taxpayers to give you tens of billions more. It was the biggest robbery in history.
$380 billion is what was lost by Citicorp and what taxpayers bailed them out for. Go look it up. You sound like a shill for that corrupt and s**ty “bank.”
You want me to prove your claim? That's funny.
You sound like a shill for that corrupt and s**ty “bank.”
Nope.
Yeah, and they also got our bank, First Federal, who had been a decent bank but had a bunch a commercial real estate that was eating them alive. My hubby had been banking with them when we got married more than twenty years ago, so we waited knowing it was at high risk for closing on a FDIC Friday. When it finally came, well, old IndyMac was too much for us. By then it was OneWest. Moved to a local credit union that is much better than any of the other banks we looked at. Not too much to chose from in SoCal.
That’s right. This must be one of the reasons O has sent the Marines off the coast of Libya, has to protect his buddies’ cash.
Where can I see their REAL P&L statement along with their REAL balance sheet? Not the one they doctor and pass out to the PR people.
There is no way on this earth that they borrowed that amount of TARP money while in terminal financial melt-down and immediately rebounded with outstanding profits like that.
Kinda like General Motors huh?
They only show the real one to 33rd degree Bilderberg Masons.
There is no way on this earth that they borrowed that amount of TARP money
How much do you think they borrowed?
and immediately rebounded with outstanding profits like that.
Immediately? Outstanding? I think you have them confused with a different bank.
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